MANA Technical Analysis: Bullish Pattern Prepares A Launch Above $1

Key technical points:

Past Performance of MANA

MANA price action shows a correction phase continuation after the sharp V-shaped reversal from $0.70. The bearish retracement fails to beat the buyers at $0.70, resulting in another turnaround, this time beating the resistance trendline. Moreover, the reversal action forms a rounding bottom pattern with the neckline at $1,

Source- Tradingview

MANA Technical Analysis 

MANA prices grew by 35% during the recovery rally but showcased a lack of bullish commitment, evident by the weak trading volume figures. Hence, traders hoping for a breakout rally must wait for a price action confirmation. The DMI indicator shows the DI lines struggling to sustain the bullish alignment after the recent crossover as the +DI line takes a bearish setback. Moreover, the falling ADX line represents the bullish failure to increase the trend momentum.

The RSI indicator shows a gradually rising uptrend crossing the halfway line to approach the overbought boundary. The MACD indicator shows a positive trend in the fast and slow lines, finds no difficulty sustaining the bullish alignment, and continues to approach the zero line. Hence, the technical indicators maintain an overall bullish view for the Decentraland native token and hint at the bullish breakout. In a nutshell, the MANA technical analysis takes an optimistic standpoint on the upcoming trend.

Upcoming Trend

Suppose the MANA prices surpass the overhead resistance at $1; the uptrend will reach the $1.44 mark, accounting for a 44% jump.

Resistance Levels: $1 and $1.44

Support Levels: $0.70 and $0.50